CMS Energy Corporation (CMS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das empresas de energia, a CMS Energy Corporation se destaca como um participante fundamental, navegando estrategicamente no complexo terreno de geração de energia, distribuição e inovação sustentável. Através de sua tela de modelo de negócios meticulosamente criada, o CMS demonstra uma abordagem abrangente para fornecer eletricidade confiável, adotando tecnologias renováveis ​​e atendendo às necessidades em evolução de diversos segmentos de clientes - de consumidores residenciais a grandes empresas industriais. Essa exploração revela a estrutura intrincada que impulsiona a excelência operacional, o avanço tecnológico e o compromisso da CMS Energy com a administração ambiental.

CMS Energy Corporation (CMS) - Modelo de Negócios: Principais Parcerias

Fabricantes e fornecedores de equipamentos de serviços públicos

A CMS Energy Corporation faz parceria com vários fabricantes de equipamentos para apoiar sua infraestrutura de utilidade. Os principais fornecedores de equipamentos incluem:

Fornecedor	Tipo de equipamento	Valor anual do contrato
General Electric	Equipamento de turbina	US $ 42,5 milhões
Siemens Energy	Componentes de infraestrutura da grade	US $ 35,7 milhões
Schneider Electric	Sistemas de controle	US $ 28,3 milhões

Órgãos regulatórios locais e estaduais

A CMS Energy mantém parcerias críticas com agências reguladoras:

• Comissão de Serviço Público de Michigan
• Departamento de Qualidade Ambiental de Michigan
• Comissão Federal de Regulamentação de Energia (FERC)

Provedores de tecnologia de energia renovável

As parcerias de energia renovável da CMS Energy incluem:

Provedor de tecnologia	Foco em tecnologia	Valor do investimento
Vestas Wind Systems	Tecnologia da turbina eólica	US $ 67,2 milhões
Primeiro solar	Fabricação de painel solar	US $ 53,4 milhões

Empresas de desenvolvimento de construção e infraestrutura

Principais parcerias de desenvolvimento de infraestruturas:

• DTE Energy Construction Services
• Grupo de infraestrutura de energia dos consumidores
• Aecom

Empresas de Consultoria Ambiental e Engenharia

Detalhes da parceria ambiental:

Empresa	Tipo de serviço	Taxa de consultoria anual
Gerenciamento de Recursos Ambientais (ERM)	Avaliação de impacto ambiental	US $ 4,6 milhões
Jacobs Engineering Group	Consultoria de Sustentabilidade	US $ 3,9 milhões

CMS Energy Corporation (CMS) - Modelo de negócios: Atividades -chave

Geração e distribuição de energia elétrica

A CMS Energy gera 11.200 megawatts de eletricidade através de várias usinas de energia em Michigan. A empresa opera 7 usinas a carvão, 3 instalações de gás natural e 2 locais de energia renovável.

Fonte de geração de energia	Capacidade (MW)	Porcentagem de geração total
Plantas a carvão	6,300	56.3%
Plantas de gás natural	4,200	37.5%
Energia renovável	700	6.2%

Serviços de transmissão de gás natural e varejo

A subsidiária de energia dos consumidores da CMS Energy atende a 1,8 milhão de clientes de gás natural em Michigan, com 27.000 milhas de tubulação de distribuição de gás natural.

• Vendas anuais de gás natural: US $ 1,2 bilhão
• Cobertura de serviço: 68 condados de Michigan
• Conexão média de gás natural residencial: 680.000 famílias

Desenvolvimento de projetos de energia renovável

CMS Energy se comprometeu com US $ 10,5 bilhões em investimentos em energia renovável até 2040, direcionando a geração de eletricidade sem carbono de 90%.

Tipo de projeto renovável	Capacidade planejada (MW)	Ano de conclusão esperado
Projetos solares	2,400	2030
Energia eólica	1,100	2028

Manutenção e modernização da infraestrutura da grade

A CMS Energy investe US $ 1,3 bilhão anualmente em atualizações e manutenção de infraestrutura de grade, cobrindo 68.000 quilômetros quadrados de território de serviço.

• Orçamento anual de manutenção da grade: US $ 450 milhões
• Instalações de medidores inteligentes: 1,6 milhão implantado
• Melhoria de confiabilidade da grade Melhoria: 99,99% de tempo de atividade

Programas de eficiência energética e conservação

Consumidores implementos energéticos programas abrangentes de eficiência energética com Investimento anual de US $ 180 milhões.

Categoria de programa	Economia anual	Participantes dos clientes
Eficiência energética residencial	340.000 MWh	215,000
Programas comerciais/industriais	620.000 MWh	3.800 empresas

CMS Energy Corporation (CMS) - Modelo de negócios: Recursos -chave

Instalações de geração de eletricidade

A CMS Energy Corporation opera as seguintes instalações de geração:

Tipo de instalação	Capacidade (MW)	Número de instalações
Carvão	1,173	3
Gás natural	1,338	4
Energia renovável	566	7

Infraestrutura de transmissão e distribuição

A rede de transmissão e distribuição da CMS Energy inclui:

• Total de linhas de transmissão elétrica: 4.600 milhas
• Linhas de distribuição: 26.700 milhas
• Subestações: 241
• Área de serviço que cobre 68 municípios em Michigan

Força de trabalho qualificada

Métrica da força de trabalho	Valor
Total de funcionários	8,300
Anos médios de experiência	12,5 anos
Funcionários com diplomas avançados	22%

Tecnologia avançada e sistemas de grade inteligente

Investimento em tecnologia: US $ 287 milhões em modernização da grade em 2023

• Infraestrutura avançada de medição, cobrindo 100% do território de serviço
• Implementou 1,2 milhão de medidores inteligentes
• Sistemas de monitoramento de grade em tempo real

Capital financeiro para infraestrutura

Métrica financeira	Quantia
Despesas totais de capital (2023)	US $ 2,1 bilhões
Investimento de infraestrutura planejado (2024-2026)	US $ 6,3 bilhões
Linhas de crédito disponíveis	US $ 1,5 bilhão

CMS Energy Corporation (CMS) - Modelo de Negócios: Proposições de Valor

Fornecimento de eletricidade confiável e consistente

A CMS Energy Corporation fornece eletricidade a aproximadamente 1,8 milhão de clientes elétricos em Michigan. A empresa opera uma capacidade total de geração de 11.200 megawatts, com uma taxa de confiabilidade de 99,9% em 2023.

Fonte de geração de eletricidade	Percentagem
Carvão	31%
Gás natural	44%
Energia renovável	25%

Preços de energia competitiva

A CMS Energy mantém uma taxa média de eletricidade residencial de US $ 0,14 por quilowatt-hora, que fica 3% abaixo da média nacional. A receita operacional total da empresa em 2023 foi de US $ 8,2 bilhões.

Aumento do portfólio de energia renovável

A empresa se comprometeu a alcançar 50% de geração de energia renovável até 2030. Os investimentos atuais de energia renovável incluem:

• Capacidade de geração solar de 500 megawatts
• Projetos de energia eólica totalizando 250 megawatts
• Investimentos em andamento em tecnologias de armazenamento de baterias

Soluções de energia sustentável e ambientalmente responsável

A CMS Energy visa reduzir as emissões de carbono em 90% em relação aos níveis de 2005 até 2040. A empresa investiu US $ 1,2 bilhão em infraestrutura de energia limpa durante 2023.

Serviços de energia abrangentes para clientes residenciais e comerciais

A CMS Energy oferece diversos serviços de energia, incluindo:

Categoria de serviço	Segmentos de clientes	Receita anual
Programas de eficiência energética	Residencial, Comercial	US $ 215 milhões
Tecnologias de grade inteligente	Comercial, Industrial	US $ 180 milhões
Infraestrutura de carregamento de veículos elétricos	Residencial, municipal	US $ 95 milhões

CMS Energy Corporation (CMS) - Modelo de Negócios: Relacionamentos do Cliente

Portais de atendimento ao cliente online

A plataforma digital de energia dos consumidores da CMS Energy atende 1,8 milhão de clientes elétricos e 1,3 milhão de clientes de gás natural em Michigan. O portal on -line processou 8,2 milhões de transações digitais em 2022.

Recurso de serviço digital	Estatísticas de uso
Gerenciamento de contas on -line	67% dos clientes usando ativamente a plataforma digital
Downloads de aplicativos móveis	422.000 usuários ativos de aplicativos móveis

Serviços de Consumo de Energia Personalizada

A CMS Energy investiu US $ 12,3 milhões em programas de eficiência energética em 2022, fornecendo recomendações personalizadas de consumo de energia.

• Serviços de auditoria energética oferecidos a 96.000 clientes residenciais
• Economia média de energia por cliente: 14% através de serviços de consultoria

Programas de envolvimento da comunidade

A CMS Energy alocou US $ 3,7 milhões para iniciativas de envolvimento e sustentabilidade da comunidade em 2022.

Programa comunitário	Métricas de participação
Programas de energia renovável	58.000 clientes inscritos
Programas de assistência energética	US $ 22,6 milhões distribuídos para clientes de baixa renda

Plataformas de cobrança e pagamento digital

Os sistemas de pagamento digital da CMS Energy processaram US $ 1,2 bilhão em transações de clientes durante 2022.

• 98% das contas podem ser pagas online
• 72% dos clientes usam cobrança sem papel

Suporte ao cliente e assistência técnica

A CMS Energy manteve um centro de suporte ao cliente lidando com 1,4 milhão de interações com os clientes anualmente.

Canal de suporte	Métricas de desempenho
Suporte telefônico	Tempo médio de resposta: 3,2 minutos
Suporte de bate -papo online	Taxa de satisfação do cliente de 92%

CMS Energy Corporation (CMS) - Modelo de Negócios: Canais

Site digital e aplicativos móveis

A plataforma digital da CMS Energy atende 1,8 milhão de clientes elétricos e de gás em Michigan. O site da empresa recebe aproximadamente 3,2 milhões de visitantes mensais únicos. Os downloads de aplicativos móveis atingiram 275.000 a partir do quarto trimestre 2023.

Canal digital	Métricas de uso	Desempenho anual
Tráfego do site	3,2 milhões de visitantes mensais	38,4 milhões de visitas anuais
Downloads de aplicativos móveis	275.000 downloads totais	45.000 novos downloads em 2023
Pagamento on -line	68% de participação do cliente	1,2 milhão de transações online

Centros de atendimento ao cliente físico

A CMS Energy opera 12 centros de atendimento ao cliente em Michigan, com uma média de 85.000 interações pessoais de clientes anualmente.

Representantes de vendas diretas

A empresa mantém uma equipe de vendas de 187 representantes diretos, com foco em serviços de energia comercial e residencial. Vendas anuais médias por representante: US $ 1,4 milhão.

Categoria representativa de vendas	Número de representantes	Vendas médias anuais
Vendas residenciais	112	$825,000
Vendas comerciais	75	US $ 2,1 milhões

Comunicação da conta de energia

CMS Energy Processos de 1,6 milhão de declarações de cobrança mensais. Os canais de comunicação incluem:

• Cobrança eletrônica: 72% dos clientes
• Cobrança em papel: 28% dos clientes
• Valor médio da conta: US $ 127,50

Mídias sociais e plataformas de marketing digital

Alcance de marketing digital em plataformas:

Plataforma	Seguidores/assinantes	Taxa de engajamento
Facebook	95.000 seguidores	4.2%
Twitter	45.000 seguidores	3.7%
LinkedIn	35.000 conexões	2.9%

CMS Energy Corporation (CMS) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

A CMS Energy atende a aproximadamente 1,8 milhão de clientes elétricos em Michigan. O segmento residencial representa 68% do volume total de vendas de eletricidade.

Categoria de cliente	Número de clientes	Consumo anual de eletricidade
Clientes residenciais	1,240,000	8.760 GWh

Empresas comerciais e industriais

A CMS Energy fornece eletricidade a 140.000 clientes comerciais e industriais em Michigan.

• O setor manufatureiro representa 42% da base de clientes comerciais
• Consumo médio anual de eletricidade: 15.000 MWh por empresa
• Vendas comerciais/industriais totais de eletricidade: 4.200 gwh

Instituições municipais e governamentais

A CMS Energy atende 850 clientes municipais e governamentais com soluções de energia especializadas.

Tipo de instituição	Número de clientes	Consumo de eletricidade
Governos locais	450	1.200 gwh
Instituições do Estado	250	850 GWh
Instalações federais	150	650 GWh

Setor agrícola

A CMS Energy suporta 3.500 clientes agrícolas em Michigan.

• Consumo médio de eletricidade agrícola: 250 mWh anualmente
• Vendas totais de eletricidade agrícola: 875 GWh
• Regiões agrícolas predominantes: Península Lower Michigan

Clientes pequenos a médios

A CMS Energy atende a 95.000 clientes de pequenos a médios (PME).

Tamanho da empresa	Número de clientes	Consumo de eletricidade
Micro Enterprises	62,000	1.240 GWh
Pequenas empresas	25,000	1.750 GWh
Médias empresas	8,000	1.120 gwh

CMS Energy Corporation (CMS) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de geração de energia

Custos anuais de manutenção de infraestrutura para a CMS Energy em 2022: US $ 378,6 milhões

Categoria de infraestrutura	Despesa de manutenção
Usinas de energia	US $ 214,3 milhões
Linhas de transmissão	US $ 92,5 milhões
Redes de distribuição	US $ 71,8 milhões

Custos de aquisição de combustível

Despesas totais de aquisição de combustível para 2022: US $ 456,2 milhões

• Gás natural: US $ 287,4 milhões
• Carvão: US $ 124,6 milhões
• Fontes de energia renovável: US $ 44,2 milhões

Salários e benefícios dos funcionários

Total de despesas de pessoal em 2022: US $ 512,7 milhões

Categoria de funcionários	Compensação
Salários da base	US $ 342,5 milhões
Benefícios e seguro	US $ 98,3 milhões
Contribuições de aposentadoria	US $ 71,9 milhões

Despesas de conformidade regulatória

Gastos totais relacionados à conformidade em 2022: US $ 156,4 milhões

• Conformidade ambiental: US $ 87,6 milhões
• Regulamentos de segurança: US $ 42,3 milhões
• Custos legais e de relatórios: US $ 26,5 milhões

Atualizações de tecnologia e infraestrutura

Investimento em tecnologia e infraestrutura para 2022: US $ 423,9 milhões

Categoria de atualização	Valor do investimento
Tecnologia de grade inteligente	US $ 178,6 milhões
Integração de energia renovável	US $ 145,3 milhões
Aprimoramentos de segurança cibernética	US $ 99,0 milhões

CMS Energy Corporation (CMS) - Modelo de negócios: fluxos de receita

Vendas de eletricidade para clientes residenciais

A Utilitário de Energia dos Consumidores da CMS Energy atende a aproximadamente 1,8 milhão de clientes elétricos em Michigan. Em 2022, as vendas de eletricidade residencial geraram US $ 3,87 bilhões em receita.

Segmento de clientes	Número de clientes	Receita anual
Clientes elétricos residenciais	1,800,000	$3,870,000,000

Contratos de energia comercial e industrial

As vendas comerciais e industriais de eletricidade representaram US $ 2,45 bilhões em 2022, atendendo a aproximadamente 135.000 clientes comerciais em Michigan.

Segmento de negócios	Número de clientes	Receita anual
Clientes elétricos comerciais	120,000	$2,100,000,000
Clientes elétricos industriais	15,000	$350,000,000

Vendas de crédito energético renováveis

A CMS Energy gerou US $ 87 milhões com vendas de crédito de energia renovável em 2022, com 1,2 milhão de créditos de energia renovável negociados.

Taxas de transmissão de gás natural

A transmissão e distribuição de gás natural geraram US $ 1,62 bilhão em receita, atendendo a 1,5 milhão de clientes de gás natural.

Serviço de gás natural	Número de clientes	Receita anual
Clientes de gás natural	1,500,000	$1,620,000,000

Receitas do Programa de Eficiência Energética

Os programas de eficiência energética geraram US $ 42 milhões em 2022, apoiando 245 projetos de otimização de energia comercial e industrial.

• Receita do Programa Total de Eficiência Energética: US $ 42.000.000
• Número de projetos de otimização de energia: 245

CMS Energy Corporation (CMS) - Canvas Business Model: Value Propositions

You're looking at the core promises CMS Energy Corporation (CMS) makes to its stakeholders-the things that keep customers, regulators, and investors aligned with their strategy. Honestly, for a regulated utility, the value proposition is a tightrope walk between service quality, environmental goals, and financial discipline. Here's the breakdown based on their late 2025 positioning.

Safe, reliable, and affordable energy service

CMS Energy Corporation (CMS) centers its service value on the triple bottom line: people, planet, and prosperity. They explicitly state their commitment to delivering energy that is safe, reliable, and affordable to their customers in Michigan.

The proof points for reliability are rooted in recent performance and future investment:

• In 2024, customers received the best electric reliability over the past 20 years.
• CMS Energy Corporation (CMS) has a 10-yr Electric Reliability Roadmap in place.
• The utility has a $20 billion utility capital investment plan spanning 2025-2029 across electric and gas utilities.
• Of that total investment, 68% is directed toward electric utility investments, which fortifies the grid.

Affordability is key, especially when balancing massive capital needs. Here's a snapshot of the financial framework supporting this:

Metric	Value	Period/Context
Long-term Adjusted EPS Growth Target	6% to 8%	Long-term guidance
Dividend Yield	~3%	Part of total shareholder return
Electric Rate Base Growth (CAGR)	Approximately 8%	2025-2029
Electric Rate Base (Projected End of Period)	$39.4 billion	By 2029

Commitment to net-zero carbon emissions by 2040

CMS Energy Corporation (CMS) is leading the Clean Energy Transformation, with specific, legally mandated targets for its electric business. The natural gas side has a slightly longer horizon for full net-zero GHG emissions.

The electric utility's primary environmental value proposition is:

• Goal to achieve 100% Clean Energy for the electric side by 2040, as established in Michigan's 2023 Energy Law.
• The 2024 Renewable Energy Plan targets 60% renewable energy by 2035.

For the entire business, including gas operations, the commitment extends further:

• Net-zero greenhouse gas emissions across the entire operation by 2050.
• Interim goal to help customers reduce Scope 3 emissions by 25% by 2035 from 2020 levels.
• Net zero methane emissions from the natural gas delivery system targeted by 2030.

Economic development, attracting 1 GW data center load

A major driver of near-term growth is securing large industrial load, particularly from data centers. CMS Energy Corporation (CMS) is actively pursuing a significant pipeline of this demand, which helps spread fixed grid costs.

You've definitely seen the headlines about the data center activity; it's a huge part of their growth story outside of organic sales increases. Here are the hard numbers they are working with:

• CMS Energy Corporation (CMS) has a major agreement to supply a new data center expected to add up to 1 gigawatt (GW) of incremental load.
• They are pursuing a total pipeline of 9 gigawatts (GW) of data center and other large industrial load.
• The expected ramp-up for the newly signed 1 GW data center load is anticipated to start showing up in the latter portion of the 5-year plan, potentially around 2029 or 2030.

To manage this, Michigan regulators approved specific terms for large customers (100 megawatts (MW) or greater) to ensure existing customers aren't left holding the bag:

Data Center Contract Requirement	Term/Amount
Minimum Service Threshold	100 megawatts (MW)
Minimum Contract Length	15-year contract
Minimum Payment Obligation	Pay for at least 80% of requested capacity
Upfront Fee	$100,000

This demand supports their long-term sales outlook, which is estimated at 2% to 3% annually before the new data center load is fully realized.

Predictable returns for investors via regulated model

CMS Energy Corporation (CMS) touts its history of consistent financial delivery, which is a direct benefit of operating in a constructive regulatory jurisdiction. This predictability is a core part of the investment thesis.

You can see this track record clearly:

• CMS Energy Corporation (CMS) has met its adjusted earnings guidance for each of the past 17 years.
• The full-year 2025 adjusted EPS guidance is set at $3.54 to $3.60 per share, with management expressing confidence toward the high end.
• Adjusted EPS for the first six months of 2025 was $1.73 per share.

The regulated structure underpins this stability, aiming for premium total shareholder return through growth and dividends.

Improved electric reliability through grid modernization

The value here is the investment in infrastructure renewal to ensure the grid can handle modern demands, including extreme weather and new large loads. This is directly funded through the capital plan.

The modernization efforts are backed by significant capital allocation:

• The 2025-2029 capital program includes over $20 billion in utility investments.
• This investment is designed to modernize electric and gas systems and support the Clean Energy Transformation.
• CMS Energy Corporation (CMS) is executing on its 5-year Electric Reliability Roadmap to build a more resilient grid.

Finance: draft 13-week cash view by Friday.

CMS Energy Corporation (CMS) - Canvas Business Model: Customer Relationships

You're looking at how CMS Energy Corporation, primarily through its subsidiary Consumers Energy, manages its relationship with the millions of Michigan residents and businesses it serves under a regulated monopoly structure. This relationship is a balancing act between mandated service, customer-driven clean energy goals, and maintaining affordability.

Regulated monopoly service relationship

As a regulated utility, CMS Energy Corporation's primary relationship is defined by its service territory obligations. Consumers Energy provides electricity and/or natural gas to about 6.8 million of Michigan's 10 million residents. This scale means the relationship is broad, but the service terms are set by the Michigan Public Service Commission (MPSC).

The company is actively managing large, high-demand customers, particularly data centers. The MPSC approved an amended tariff for data centers and similar very large electric customers with a minimum service threshold of 100 megawatts (MW), or aggregated loads of 100 MW with individual sites of 20 MW or more. To give you context on the current customer mix, Consumers Energy currently has only one customer larger than 100 MW on its system. The company connected approximately 450 megawatts year-to-date as of October 2025, out of a planned 900 megawatts in the current 5-year plan, with an additional approximately 100 megawatts under signed contracts.

Here's a quick look at the scale of large customer growth:

Metric	Value (as of late 2025)
Customers Served (Total Residents)	~6.8 million
Data Center/Large Load Tariff Minimum Threshold	100 MW
Current Customers > 100 MW	1
New Load Connected YTD (approx.)	450 MW
New Load Planned in 5-Year Plan (approx.)	900 MW

Customer-centric programs like energy waste reduction

CMS Energy Corporation emphasizes energy waste reduction (EWR) as a key way to keep bills affordable and meet clean energy goals. The utility's EWR programs have delivered an impressive $7.3 billion in customer savings since 2009. This focus is recognized externally; Michigan utilities' energy efficiency programs ranked No. 1 in the nation by the American Council for an Energy-Efficient Economy's 2025 State Energy Efficiency Scorecard. The company also offers voluntary clean energy options for customers.

The relationship extends to tailored programs:

• The MI Clean Air program has >770 residential and business customers enrolled.
• Solar Gardens has 4.5 MW subscribed capacity, with a new 2.5 MW site expected to break ground in Q2 2025, and is ~99% subscribed, serving about 2.5K customers.
• The low-income renewable energy program, launched in 2025, currently serves over 3,300 customers.
• The MI Sunrise component of Solar Gardens serves 50 customers, designed to aid income-qualified customers.

Digital self-service via online portals and mobile apps

CMS Energy Corporation has placed customer experience at the center of its new organizational structure, effective July 1, 2025, by appointing a Senior Vice President, Chief Customer and Growth Officer to oversee Customer Operations and Customer Experience. While specific adoption numbers for digital channels aren't explicitly detailed here, the organizational focus signals a commitment to improving digital interaction points for customers.

You can expect the digital relationship to be supported by:

• A dedicated leadership role focused on Customer Experience.
• Continued investment in infrastructure modernization to support reliable service delivery.
• A focus on making services accessible, which often means robust online and mobile functionality.

Community engagement and bill assistance programs

Affordability and community support are concrete parts of the relationship, especially for income-qualified customers. In August 2025, Consumers Energy committed $2 million to help thousands of customers offset past due summer energy bills, distributed via partners like The Heat and Warmth Fund (THAW) and The Salvation Army. This followed a $5 million contribution earlier in the year to assist with winter bills. For context on past support, in 2024, Consumers Energy helped over 137,000 Michiganders obtain nearly $69 million from various sources to pay energy costs. Furthermore, new State Emergency Relief (SER) caps for customers at 150% of the Federal Poverty Level (FPL) are $600 for electric/gas and $900 for all-electric households as of October 2025.

The company is actively engaging communities through structured initiatives. The Energizing Equity community series, launched in January 2025, consists of quarterly, in-person engagements in cities like Flint, Jackson, Kalamazoo, and Grand Rapids. The company also previously invested more than $1 million in targeted initiatives in Flint in 2023 to improve quality of life and reduce bills in disadvantaged communities.

Dedicated account managers for large commercial/industrial clients

For your largest customers, the relationship shifts to dedicated management, especially given the complex tariff structures for new large loads like data centers. The new organizational structure includes a focus on Sales under the Chief Customer and Growth Officer, which would naturally encompass managing these high-value, high-load industrial relationships. The recent MPSC approval of the data center tariff is a direct outcome of managing this specific customer segment's needs while protecting other ratepayers from subsidy risk. The company is working to connect approximately 450 megawatts year-to-date, indicating active management of large commercial/industrial connections. The relationship here is highly contractual, involving exit fees and collateral requirements for customers exceeding the 100 MW threshold.

Finance: draft 13-week cash view by Friday.

CMS Energy Corporation (CMS) - Canvas Business Model: Channels

You're looking at how CMS Energy Corporation (CMS) physically connects its energy supply to its customers across Michigan, which is the core of its distribution channels.

Electric transmission and distribution grid

The electric utility channel, primarily Consumers Energy, serves a massive footprint across the state. The company is heavily investing in this channel, with 68% of its $20 billion capital allocation plan for 2025-2029 directed toward electric utility investments, targeting an 8% annual rate base growth.

Here's a snapshot of the physical assets used to deliver power:

Infrastructure Component	Metric	Value
Electric Customers Served	Number of Customers	1.8 million
Service Area Coverage	Counties Served	62
Electric Distribution Overhead Lines	Miles	82,474 miles
Electric Distribution Underground Lines	Miles	9,395 miles
Substations	Count	1,093

CMS Energy, through NorthStar Clean Energy, is also expanding its generation capacity to feed this grid, with a goal to add nearly 9,000 megawatts of solar and 2,800 megawatts of wind over the next two decades.

Natural gas transmission and distribution pipeline network

The natural gas delivery channel is equally extensive, moving gas for heating and other uses. Planned capital spending for the gas utility unit over 2025-2029 is approximately $6.3 billion.

The pipeline network details are:

• Natural Gas Customers Served: Nearly 1.8 million customers.
• Natural Gas Service Area: 54 of the 68 counties in Michigan's Lower Peninsula.
• Natural Gas Transmission Lines: 2,392 miles.
• Natural Gas Distribution Mains: 28,065 miles.
• Gas Storage Fields: 15.

The company maintains one of the largest underground natural gas storage capacities in the country, helping it purchase and store gas economically during warmer months for winter use.

Customer service call centers and field crews

CMS Energy Corporation's principal business, Consumers Energy, provides electricity and/or natural gas to 6.8 million of Michigan's 10 million residents across all 68 Lower Peninsula counties. While specific call center volumes aren't public, the scale of the customer base implies significant operational traffic for field crews and support staff.

The total customer base breakdown is:

• Total Residents Served by Consumers Energy: 6.8 million out of 10 million Michigan residents.
• Electric Customers: 1.8 million.
• Natural Gas Customers: Nearly 1.8 million.

The company is focused on reliability improvements, which directly impacts the work of field crews, supported by capital investment in grid modernization.

Direct power purchase agreements (PPAs) for enterprises

The Enterprises segment, through NorthStar Clean Energy, engages in independent power production and marketing, which involves securing long-term agreements that act as channels for revenue and capacity delivery. Consumers Energy has structured utility power purchase agreements with favorable terms and secured a safe harbor pipeline through 2029.

Growth in this area is significant, with a new data center agreement announced that is expected to add up to 1 gigawatt of load growth in their service territory. Furthermore, the company is accelerating storage deployment, with over 925 MW already under contract or in development.

Digital channels for billing and outage reporting

Digital interaction is a key channel for customer management, though specific billing or outage reporting statistics aren't detailed here. CMS Energy routinely posts important information on its website, considering the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

Digital and strategic alignment points include:

• Investor Information Channel: www.cmsenergy.com/investor-relations.
• Renewable Energy Customer Programs: Voluntary programs are offered to customers.
• Regulatory Support: The company received approval for 95% of infrastructure investments in a recent gas rate case.

The company is also working toward a 100% clean energy mandate by 2040.

CMS Energy Corporation (CMS) - Canvas Business Model: Customer Segments

CMS Energy Corporation, primarily through its subsidiary Consumers Energy Company, targets the vast majority of Michigan's Lower Peninsula population for its utility services.

The service territory covers all 68 Lower Peninsula counties, providing natural gas and electricity to approximately 6.8 million of Michigan's 10 million residents.

Here is a breakdown of the utility customer base as of mid-2025 data:

Customer Segment Type	Service	Approximate Customer Count (2025)
Residential Customers	Electric	1.9 million
Residential Customers	Natural Gas	1.8 million
Total Population Served	Michigan Lower Peninsula	6.8 million people

The customer base is strategically diversified across residential, commercial, and industrial users, which helps manage risk, especially given the regional economic focus.

• Residential customers form the core base for both electric and gas services.
• Commercial customers include small to medium businesses across the service territory.
• Diversified industrial customers contribute to the overall margin, though the auto sector, including tier I & II suppliers, represents only about 2% of total gross margin as of Q1 2025.
• The Top 10 largest customers combined account for approximately 2.5% of the total gross margin.
• Large-load growth customers represent a significant near-term opportunity, highlighted by an agreement with a new data center expected to add up to 1 gigawatt of load growth.

The company's capital investment plan of $20 billion across electric and gas utilities from 2025-2029 is designed to support this diverse customer base while driving rate base growth of approximately 8% annually.

CMS Energy Corporation (CMS) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive CMS Energy Corporation's operations, which are heavily weighted toward long-term asset investment and regulated utility costs. Here's the quick math on what's hitting the bottom line as of late 2025.

Heavy capital expenditures (CapEx) for infrastructure renewal

CMS Energy Corporation is executing a massive, multi-year investment program. The utility capital investment plan for the years 2025 through 2029 is set at $20 billion, which is an increase of $3 billion from the prior 2024-2028 plan. This signals a sustained, high level of spending on grid modernization, including the Reliability Roadmap initiatives like burying wires and installing sensors. For a snapshot of the ongoing commitment, capital expenditures (PPE purchases) in the third quarter of 2025 were approximately $0.9 billion.

Fuel and purchased power expenses

These costs are directly tied to serving customers and are subject to commodity price fluctuations, though often mitigated by regulatory pass-through mechanisms. For the third quarter of 2025, the costs were significant:

• Fuel for electric generation was $113 million.
• Purchased and interchange power totaled $490 million for the quarter.
• Purchased power from related parties was $21 million in the third quarter of 2025.

Operations and Maintenance (O&M) costs, including vegetation management

The day-to-day running of the electric and gas systems requires substantial spending on maintenance. While specific figures for vegetation management aren't itemized separately in the latest releases, the broader category gives you a sense of the scale. Maintenance and other operating expenses for the electric utility segment alone in the third quarter of 2025 were $388 million.

Here is a look at some key quarterly operating expenses for the electric and gas utility segments for the third quarter of 2025 (in Millions of USD):

Expense Category	Q3 2025 Amount (Millions USD)
Fuel for electric generation	113
Purchased and interchange power	490
Maintenance and other operating expenses (Electric Utility)	388
Depreciation and amortization (Electric Utility)	274
General taxes (Electric Utility)	104

Interest expense on debt financing for the rate base

Financing the massive asset base requires significant debt, and the associated interest is a major cost component, much of which is recoverable through rates. Interest on long-term debt for CMS Energy Corporation in the third quarter of 2025 amounted to $135 million. Also included in total interest charges for that quarter were $10 million in interest expense related to related parties.

Regulatory compliance and depreciation expenses

Depreciation reflects the cost recovery for the utility's physical assets. For the electric utility in the third quarter of 2025, depreciation and amortization was $274 million. Regulatory compliance costs are embedded across several line items, including general taxes, which were $104 million for the electric utility in Q3 2025. Constructive regulatory outcomes, like the electric rate case outcome in March 2025, are key to ensuring these costs are covered in the revenue stream. The company reaffirmed its long-term adjusted EPS growth target of 6 to 8 percent, with confidence toward the high end, which depends on recovering these costs.

For context on the company's overall financial performance supporting these costs, the reaffirmed 2025 adjusted earnings guidance is $3.56 to $3.60 per share.

Finance: draft 13-week cash view by Friday.

CMS Energy Corporation (CMS) - Canvas Business Model: Revenue Streams

You're looking at the core ways CMS Energy Corporation brings in money, which is heavily weighted toward its regulated utility operations in Michigan. The revenue streams are quite predictable, which is typical for a regulated utility, but they are also supplemented by non-regulated clean energy ventures.

The primary revenue drivers come from the regulated utility, Consumers Energy, which serves a massive customer base across the state.

• Regulated electric utility sales to approximately 1.9 million electricity customers.
• Regulated natural gas utility sales to approximately 1.8 million natural gas customers.

For the first quarter of 2025, the utility segments showed growth driven by rate increases and sales volume. Here's a look at the operating revenue for the three months ended March 31, 2025:

Revenue Stream Component	Q1 2025 Operating Revenue ($M)	Year-over-Year Increase ($M)
Electric Utility Revenue	$1,299	$167
Gas Utility Revenue	$1,049	$84

The overall revenue picture for CMS Energy Corporation as of the twelve months ending September 30, 2025, was $8.295B, marking a 10.96% increase year-over-year.

A key component of the regulated utility revenue is the allowed rate of return on its investments. The allowed Return on Equity (ROE), recently approved by the Michigan Public Service Commission (MPSC) for the rate case effective April 4, 2025, stands at 9.90%.

The non-regulated side, NorthStar Clean Energy, is focused on renewable energy development. While this segment represents a growth area, its revenue stream can be lumpy or result in losses depending on project timing and operations. For instance, for the three months ended March 31, 2025, the NorthStar Clean Energy segment reported a net loss of $18 million, down from a net income of $31 million in the same period of 2024.

Furthermore, CMS Energy Corporation is actively seeking to increase its authorized revenue base through regulatory filings. Consumers Energy filed an application with the MPSC on June 2, 2025, seeking an increase in its electric generation and distribution rates totaling $460 million. This request is based on a test year ending April 30, 2027, and includes a proposed overall rate of return based on a 10.25% authorized return on equity.

You can see the components of that $460 million request:

• Investment-related recovery: $194 million
• Operations & Maintenance (O&M) recovery: $158 million
• Cost of Capital adjustments (ROE 10.25% vs. Authorized 9.90%): $31 million component
• Deferral Surcharge: $24 million

Finance: draft 13-week cash view by Friday.